EcoCash, Zimbabwe's largest financial technology platform, has announced the milestone of full integration with all banks across the country, a first for any mobile money platform in Zimbabwe.
The full integration with all commercial banks means that EcoCash customers and the banking public can now enjoy the convenience of bank-to-wallet and wallet-to-bank transfers at any time, allowing them to send money, pay merchants or settle their bills seamlessly wherever they are.
“We are pleased to complete full integration with all Zimbabwean banks for the convenience of our customers and bank clients throughout the country,” an EcoCash spokesman said.
“We believe this milestone, coming just ahead of the festive season, will go a long way in providing convenience to the transacting public, giving millions of Zimbabweans easy, on-the-go, access to their funds, along with the flexibility to save, send money, transact in shops or pay service providers with great ease,” the spokesman said.
EcoCash’s integration with all banks allows any individual registered for EcoCash and with an account with any Zimbabwean bank, to instantly transfer money from their bank account into their EcoCash Wallet, or to move money from their EcoCash wallet into their bank account.
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This allows users to manage their finances securely from their mobile devices, eliminating the hassle involved in the use of physical cash, or having to stand in long queues at ATMs and bank branches.
“This development is a win-win for bank and EcoCash customers, and is part of EcoCash’s commitment to create a fully inclusive financial ecosystem in Zimbabwe, in which customers can easily access their funds and make transactions anytime, anywhere – with great convenience – even outside working hours and during the holidays,” EcoCash said.
The complete list of banks that are now integrated on the EcoCash platform include AFC Commercial Bank, BancABC, CBZ Bank, Ecobank, FBC Bank, First Capital Bank, MetBank, Nedbank, NMB Bank, Stanbic Bank, Steward Bank, ZB Bank, POSB and CABS.
EcoCash noted that the integration with all banks opens up new opportunities for customers in rural and remote areas, far away from banks, to use the integration with EcoCash to carry out transactions seamlessly, bringing essential financial services to more people in more places across the nation.
Analysts observe that EcoCash’s integration with all banks aligns perfectly with the Reserve Bank of Zimbabwe’s vision of reducing reliance on physical cash, promoting financial inclusion while enhancing the transparency of financial flows.
They also see the integration of EcoCash and its banking partners as ultimately contributing to lowering transaction costs, boosting financial literacy, and fostering economic growth.
